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is on the fiscal cliff. washington has less than 48 hours to make a deal before billions in tax increases and spending cuts take effect. senate negotiators stayed late into the night trying to work out a plan that would pass a vote. both houses of congress would convene later this afternoon in a rare sunday session. in his weekly address, the president took his message directly to the public calling for congress to come together to pass a deal. >> for the past couple months, i have been working with people in both parties with the help of business leaders and ordinary americans to come together around a plan to grow the economy and shrink our deficits. it's a balance plan. one that would protect the middle class, cut spending in a responsible way and ask the wealthiest americans to pay a little more. and i'll keep working with anybody who's serious about getting a comprehensive plan like this done because it's the right thing to do for our economic growth. but we're now at the point where in just a couple of days the law says that every american's tax rates are going up. every american's
chief correspondent ali velshi. >> alison, i have no idea whether we'll get a fiscal cliff deal done or not. i do have a pretty good idea as to how we got into this gigantic pickle in the first place. >> now we've passed a bold package of tax relief for america's families and businesses. >> it starts when then president george w. bush initiated a series of tax cuts for all americans, but it's a deal with the devil. the cuts, which are politically expedient, but costly to government expire in ten years time. >> both houses of congress have now passed a package of tax relief that will protect the middle class. >> when it came time for the cuts to expire, the u.s. is just emerging from the worst recession since the great depression. so president obama agreed to extend the tax cuts for two more years in exchange for congress extending federal emergency unemployment benefits. those cuts are expensive. if they're extended by 2020, the bush-era tax cuts will be responsible for more than half the total national debt. democrats insist that taxes go up for the wealthy but stay in place permane
try to work out on a deal to avoid the fiscal cliff. the deadline is less than 48 hours away and as to whether they can get it done, the president says he's hopeful. >> i'm modestly ll lly optimis an agreement can be achieved. let's make sure that middle class families and the world economy aren't adversely impacted because people can't do their jobs. >> both houses of congress are meeting in a rare sunday session. the house an hour later at 2:00. our chief white house correspondent jessica yellin now with the look at a chance for a deal and what's on the table. >> alison, here in washington, there is still hope a deal can be cut in time to avert the fiscal cliff. on saturday, the president was at work here in the white house but all eyes were on the senate where negotiators were trading deal points and revenue figures to try to reach an agreement all sides can stomach. the baseline for the president, any bipartisan bill would have to extend unemployment insurance that would affect some 2 million americans and increase taxes for the highest income earners. but negotiators ca
moody about now trying to get through the fiscal cliff negotiations. >>> tick tock, we're three days away from possibly going off the fiscal cliff. it's our focus this morning. if lawmakers fail to reach a deal, that would mean spending cuts and tax hikes for 88% of all american households on tuesday. look at the number from the tax policy center. these numbers are interesting. some of the poorest americans who make up to $20,000 a year will have to shell out about $412 more to the irs, and everyone earning more than $40,000 a year will be affected. if you make $40,000 to $64,000 a year, you'll pay almost $2,000 more a year, and if you make a little more between $64,000 to $108,000, that number jumps to $3,500. and anyone making more than $108,000, you'll have to give up more than $14,000. overall, the average american will pay more than $3,500 a year. the question needs to be asked here, will lawmakers be able to pull off a new deal before the new year? the managing director joins me now live from miami. you, dylan, were part of the bush administration a little more than a decade ag
Search Results 0 to 3 of about 4